The finder of a thing may sell it if it is a thing which is commonly the subject of sale, when the owner cannot with reasonable diligence be found; or being found, refuses upon demand to pay the lawful charges of the finder, in the following cases:

1. (1) When the thing is in danger of perishing or of losing the greater part of its value; or
2. (2) When the lawful charges of the finder amount to two-thirds of its value.

Source: CivC 1877, § 1069; CL 1887, § 3693; RCivC 1903, § 1389; RC 1919, § 1012; SDC 1939, § 60.0206.